Author: Marketforces Africa

Oando Energy Falls by 10% over Sell Pressure Oando Energy Plc market valuation has dropped further due to sustained sell pressure on the energy stock in the local bourse. The company lost about N91 billion of its market value in the just concluded week due to selloffs. Since reversed trade on Oando Plc started, the company has lost more than 36% of its market value in the stock market. According to data from the Nigerian Exchange, the dual-listed energy company fell by 10% week on week as investors’ sentiment reversed from the previous trend. Analysts noted profit-taking activities became the…

The average yield on Nigerian bonds declined as investors sold down their holdings ahead of the Debt Management Office (DMO) primary market auction today.

Nigerian Treasury Bills Yield Surpassed 25% Ahead of Auction The average yield on Nigerian Treasury bills surpassed 25% in the secondary market as a tight liquidity balance in the banking system spurred selloffs. Due to the headline inflation rate surge, the negative interest yield on fixed income assets has widened. After the benchmark interest rate was adjusted to 27.25%, inflation has surged to 33.88%, with the average real return settling at 6.63% from less than 5% during the disinflation period. As investors weighted the new dynamics brought forward by the consumer price index, analysts have projected a further rate hike…

The Nigerian naira gained N26.62 against the US dollar in the official foreign exchange market as the Central Bank of Nigeria (CBN) strengthened the supply side. The local currency has seen an increase in demand in a market with low inflows across to satisfy an eligible requisitions.

MTN Nigeria Communications PLC has successfully raised more than N75 billion from the debt capital market, the telecommunications company told the Nigerian Exchange Limited and the investing public.

Nigerian conglomerate John Holt has been attracting equities investors’ attention in the recent past weeks on the Nigerian Exchange. Demand for the stock has remained in an uptrend since the conglomerate returned to profitability.

N40m Diaspora Mortgage: FMBN Disclaims Partnering HXAfrica The Federal Mortgage Bank of Nigeria (FMBN) has denied reports circulated by Housing Exchange Africa (HXAfrica) on a purported N40 million mortgage pre-financing scheme, which referred to FMBN as a partner. Mrs Virginia Jang, Group Head, Corporate Communications, FMBN, said this in an official disclaimer by the mortgage bank on Saturday. Jang explained that, although HXAfrica applied for some engagement with the bank, it has not been granted any approvals, nor has the bank entered into any formal arrangement with it. She said: “Although, HXAfrica applied for some engagement with the bank, it…

The unending cryptocurrency market took a new turn as the price of Bitcoin has now crossed $91,400, trading data on.

Fitch Keeps Cameroon at ‘B’ with Negative Outlook Fitch Ratings has affirmed Cameroon’s long-term foreign currency issuer default rating (IDR) at ‘B’ with a negative outlook. In a note, Fitch revealed that the negative reflects political risks related to potential succession issues and structural weaknesses in public finance management (PFM). This is evidenced by weak liquidity management, late external debt payments, and accumulation of domestic arrears, according to the rating note. Cameroon’s ratings are supported by its resilient GDP growth, a manageable debt maturity schedule and expectations that moderate budget deficits and debt levels will be supported by non-oil revenue…

Nigeria Commits to Fair, Inclusive Multilateral Trading System The Permanent Secretary, Ministry of Industry, Trade and Investment, Amb. Nura Rimi, has reiterated Nigeria’s dedication to a fair, inclusive and equitable multilateral trading system. Rimi made this commitment on behalf of Nigeria’s delegation at the conclusion of the country’s 6th Trade Policy Review on Friday in Abuja. He commended the World Trade Organisation’s (WTO) members for their constructive review, particularly Amb. Athaliah Molokomme, for the excellent technical assessment and the WTO Secretariat team for their foundational work. Rimi highlighted the positive outcomes of President Bola Tinubu’s ambitious reforms, which aimed to…